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Sen. Brown Outlines Upcoming Overdraft Bill

WASHINGTON (7/23/13)--Legislation that aims to prevent financial institutions from reordering account deposits and withdrawals to maximize the amount of overdraft fees that may be charged to accountholders was announced by Sen. Sherrod Brown (D-Ohio) Monday.

The senator outlined the bill, which has not been introduced in the Senate, at a press conference in Cleveland. "Banks should play by the rules instead of purposefully 'reordering' their customers' debit card transactions so that they profit while consumers rack up costly penalties," he said.